Free doses of vaccines offered by Indian government blow to Russia's Sputnik V
September 29, 2021, 7:51 am

Free doses of vaccines offered by Indian government blow to Russia's Sputnik V

COVID-19-INDIA-Shutterstock

The Economic Times reported according to Reuters that some of India's private hospitals have cancelled orders for Russia's Sputnik V vaccine as they struggle to sell COVID-19 shots amid surging supplies of free doses of other vaccines offered by the government.

According to the report, some industry officials said low demand and the extremely cold storage temperatures required have spurred at least three big hospitals to cancel orders for Sputnik V, sold only on the private market in the world's biggest producer of vaccines.

"With storage and everything, we have cancelled our order for 2,500 doses," said Jitendra Oswal, a senior medical official at Bharati Vidyapeeth Medical College and Hospital in the western city of Pune.

"Demand is also not great. There is a class of people, barely 1%, that wanted to go for Sputnik. For the rest, anything would do."

From May until last week, private hospitals doled out just about 6% of all vaccines administered in India, although the government had freed them to buy up to a quarter of domestic output, health ministry data show.

The report mentioned, India is a major production centre of Sputnik V, with planned capacity of about 850 million shots a year, and low domestic uptake could mean higher exports instead, a step backers are already pushing for.

Since a June launch event by Indian distributor Dr. Reddy's Laboratories Ltd only 943,000 doses of Sputnik V have been administered by hospitals, a fraction of the national total of more than 876 million.

Dr. Reddy's declined to comment.

The mainstay of India's inoculation drive is the AstraZeneca
NSE 1.03 % vaccine, which can be stored in regular refrigerators, unlike Sputnik V, which needs temperatures of -18 degrees Celsius (-0.4°F), impossible to guarantee in most of India.

The vaccine is also as much as 47% more expensive than AstraZeneca on the private market.

Avis Hospitals, which runs eight vaccination centres in the southern city of Hyderabad, has also cancelled an order for 10,000 Sputnik V doses, said a source with direct knowledge of the matter who sought anonymity in discussing business matters.

Avis did not respond to an email seeking comment.

Another Pune hospital, which declined to be identified in order to keep intact its ties to Dr. Reddy's, which is also a major drug supplier, said it had also cancelled its Sputnik V orders.

Sputnik V is just one of the vaccines suffering from a sharp fall in private sales.

Oswal said, Pune's Bharati hospital will end its COVID-19 vaccination programme when it runs out of AstraZeneca doses, as daily inoculations have fallen about 90% to 100, since private sales picked up in May and June.

Just 9,000 doses remain of stocks of 62,000 it ordered.

The source said, Avis's COVID-19 vaccine sales have shrunk 40% with existing stocks expected to last until December, instead of October.

India's monthly production of vaccine, mainly of the AstraZeneca shot known domestically as Covishield, has quadrupled to 300 million doses from April, when a dramatic surge in infections and deaths prompted a halt in exports.

Overseas sales are to resume in October.

Covishield accounts for 88% of India's inoculations, followed by Bharat Biotech's domestically developed Covaxin, both administered free, mainly at government centres, since mid-January.

Source: economictimes

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.